Bitcoin Network Hash Rate Reaches New All-Time High As BTC Price Breaks $40K

All eyes are on Bitcoin (BTC), the world’s largest digital currency in terms of market capitalization, as everything is going in favor of the top-ranked cryptocurrency. As the flagship cryptocurrency is standing at the highest level of its bullish run, all of the fundamentals have turned positive for the world’s largest blockchain network. Reportedly, the Bitcoin network’s hash rate has reached a new all-time high value as the price value of BTC has skyrocketed to a new all-time high value that it has not recorded before.

The famous wallet provider and cryptocurrency exchange, Blockchain.com, has provided new data after analyzing this metric of the Bitcoin network. As per this data, the total hash rate of the network has spiked to 148.1 EH/s, which is a new all-time high for the network in this metric. The previous all-time hash rate was 142.735 EH/s, which was recorded by the network on the 1st of January.

Moreover, the average monthly hash rate of the network was noted at 136 EH/s on the 20th of December, which was observed by the on-chain analytics company Glassnode.

This growth in the network hash rate has occurred amid the ongoing amazing bullish rally of the leading digital currency, which has recorded a fresh all-time high today. A few hours ago, on the 7th of January, the price of Bitcoin (BTC) reached a level not seen in the entire history of the primary cryptocurrency. Bitcoin broke through the price level of $40,000 and set a new all-time high value. With this breakout, the chances for Bitcoin to hit $100,000 by the end of this year have increased further as various famous personalities have given such kinds of massive bullish predictions for the coin.

For instance, the Chief Executive Officer (CEO) of the United States-based digital currency exchange Binance US Catherine Coley said in a recent statement that the price value of Bitcoin would reach the mark of $100 before the end of 2022. While on the other hand, the strategists at the United States’ largest investment banking firm JP Morgan Chase are of the view that Bitcoin will surge to $146,000 in the coming years.

Author: MubaShar Nawaz
MubaShar Nawaz is an experienced writer working for TheForexPro.info. Having passion for writing, he covers news articles from the finance and trading world.

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